Ardmore Shipping, the Ireland-based product and chemical tanker company, posted a $5m increase in time charter revenue in the first quarter of 2014, thus exceeding analysts’ expectations.

According to Fearnleys, the results are slightly better than expected, predominantly thanks to spike in time charter equivalent rates and dipping of financing costs.

Fearnleys had estimated average rates would amount to $12,415 per day, $2,000 less than the $14,378 per day posted by Ardmore, the Lloyd’s List writes.

Anthony Gurnee, the company’s Chief Executive Officer,said that the results for the first quarter of 2014 reflect improvement in the company’s chartering performance as well as continued fleet expansion.“We took delivery of two newbuildings and one second-hand vessel during the quarter, so that now 52% of our fleet is on the water generating cash flow.

Complementing our fleet growth during the quarter, we increased our financial flexibility significantly by raising $108.7 million from an upsized follow-on equity offering to fund vessel acquisitions, as well as closing on a $172 million senior debt facility to fund our existing newbuilding program,”he said.

Time charter revenue rose for $4.9m when compared with the last year’s first quarter, totalling in $10.1m.

As explained by Ardmore, the rise is attributable to additional revenue recorded by Ardmore Seaventure, Ardmore Seavantage, Ardmore Seamariner and Ardmore Seavanguard, which started trading in June 2013, in January 2014 and in February 2014.

Ardmore’s fleet now stands at 11 ships in operation and 10 eco-design product and chemical tankers on order, slated for delivery in November.